It comes after the company denied media reports this morning that had suggested it settled the case for $70 million.

But Leighton said this afternoon it had entered into a conditional agreement to settle the case, brought against it by Inabu in relation to an April 2011 profit guidance revision.

The class comprises shareholders who purchased shares in the period from August 16, 2010 to April 11, 2011.

Leighton said the settlement would have no material impact on earnings or profit forecasts.

“Whilst we continue to deny the claim, the decision to settle the class action was a commercial one, taken in the interests of our shareholders,” Leighton CEO Marcelino Fernandez Verdes said.

“Resolving the matter permits management to focus on the operations of the business.

“It is important to note that the settlement is not an admission of any liability or a finding of any breach of law against Leighton or any of our executives.”

The company said the settlement required court approval and Leighton had an option to withdraw if the number of class members that opted out was material.

If the settlement gains court approval, the class action will be dismissed without any admission of liability on Leighton’s part.

Leighton shares dropped 1.2% to $20.65.